Lambert Smith Hampton Greater Manchester Office Market Report 2010

8/14/2019 Lambert Smith Hampton Greater Manchester Office Market Report 2010

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Greater

ManchesterOffice Market

Drivers for demand

Lambert Smith Hampton Issue One / 2010

Inside this edition: Manchester: the UKs second city? MediaCityUK: is it sustainable in todays economic climate? Greater Manchester office market overview Public display of affection The emergence of a new business district www.lsh.co.uk


2/162 / Lambert Smith Hampton

Greater Manchester Office Market/ Issue One / Manchester: the UKs second city

Having recently witnessed one of

the largest and most significant

development booms on record,

it would appear that Manchester

City Centres fortunes have been

transformed and its future as

the UKs second cityis well

and truly secured.

Adorning the citys skyline is an explosion of

new architectural structures, from the slick

and sophisticated Spinningfields to the

perfectly polished Piccadilly. These large-scale

mixed-use developments have injected the city

with an enviable supply of grade A office

space on a scale unlike anything ever seenbefore outside of London. In doing so,

Manchester has been thrust onto national and

global shortlists for corporate requirements,

providing a major catalyst for a vibrant and

thriving economy.

Chart topping

With an average annual take-up of just under

one million sq ft*, Manchester has grown

significantly more than any of the other

big six cities in the UK outside of London,

topping the charts for the past five years

(see Chart 1).

Fuelling this demand has been the proactive

nature of both the City Council and inward

investment company MIDAS, which have

worked tirelessly to promote Manchester

as a leading European business destination.

The growth of the regions establishedtransport hubs, in particular Manchester

International Airport and Manchester

Piccadilly, has also created a gateway to a

much wider occupier audience. The former

providing direct flights to over 190

destinations, including 16 in the UK, and the

latter providing a high-speed rail service that

reaches London in a little over two hours.

The result? A significant rise in inward

investment from major public and private

sector occupiers whose business presence in

the City Centre is firmly established on long-

term leases.

Manchester: the UKs second city

* Calculated over a 10-year period


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Greater Manchester Office Market/ Issue One / Manchester: the UKs second city

Lambert Smith Hampton / 3

Risk and return

Understandably, Manchesters predominance

as the largest financial and professional

services centre outside of London has left it

exposed to the downturn and demand has

been somewhat subdued as a consequence.

Final year take-up is expected to be down

almost 25 percent on the 10-year average.

Despite this rather dour prediction, the extent

of which Manchesters annual take-up has

deviated from the 10-year average has been

marginal, indicating a comparatively stable

level of occupational demand compared to

the other big six (see Chart 2).

Also vying for the prestigious accolade ofsecond city status is Birmingham. While it is

possible to draw similarities between the two,

with both having benefited from major

lettings to their respective city councils this

year, Manchester unmistakably stands out

from the crowd.

The commercial and administrative capital of

the north west is poised to record significantly

more activity during 2009 than its Midlands

counterpart (see Chart 3). No mean feat when

you consider the turmoil experienced in the

financial markets over the past year.

The futures bright

Once at the heart of the Industrial Revolution,

Manchester has shed its traditional past to

become one of the top places in the UK to

relocate a business. The main challenge going

forward will be to attract inward investment,

both domestically and internationally, in order

to maintain its unofficial title as the UKs

second city.

Major investment programmes including the

expansion of the citys two major universities,

the redevelopment of Victoria Station, and the

transformation of the iconic Metrolink tram

system are already underway. Projects such

as these will continue to change the face of

Manchester City Centre beyond recognition.

David Thwaites, Office Agency

Tel: +44 (0)161 242 8008Email: [email protected]

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Chart 1

Source: LSH Research

Big six average annual take-up

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Big six take-up v 10-year average

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Big six take-up 2000-2009


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Greater Manchester Office Market/ Issue One / MediaCityUK: is it sustainable in todays economic climate?

4 / Lambert Smith Hampton

The BBCs relocation to MediaCityUK

in Salford Quays has polarised

opinion. Critics have slammed

it as an unnecessary waste of

license payers money, while

supporters believe it could be a

catalyst for economic growth.

As the first of the BBCs three buildings

is handed over and an estimated 1,500

employees prepare to relocate from London,

with a further 800 from Manchester City

Centre, what does the future hold for

MediaCityUK?

In an economic climate which has seen most

new schemes delayed or even abandoned due

to funding and viability issues, the sheer

fortitude of developer, Peel Holdings, has

seen construction continue apace.

So much so that Phase One is still on target

for delivery in 2011. The first phase of

development incorporates 700,000 sq ft of

office space, a 250,000 sq ft state-of-the-art

studio block, 80,000 sq ft of retail and leisure

accommodation, 378 apartments and a 218-

bed hotel. In addition, a five acre public realm

area will be created, including a piazza

capable of holding upwards of 5,000 people.

Thedevelopment

itself is on a scaleunlike anythingwitnessed in

recent years.

Covering 36 acres of former dockland at

Salford Quays and occupying a prominent

waterfront position, Phase One represents

only one-fifth of the total land available for

redevelopment.

According to Peel, its aim is to bring together

a variety of hi-tech organisations, independent

producers, facilities providers and broadcastersalongside the BBC to create the UKs first purpose-

built media city. However, with office take-up

for the Quays at a record low and some media-

related occupiers questioning the need to

relocate from the City Centre of Manchester

to this new media hub, it is anticipated that

MediaCityUK will take longer than originally

planned to extend to the full 200 acres.

Encouragingly, the University of Salford has

recently signed an agreement to become the

developments second anchor tenant

alongside the BBC. The University looks set to

lease 100,000 sq ft over four floors to create a

new higher education centre a resounding

affirmation of its belief in the development in

its own right and not just as a media hub.

While it is difficult to predict what level of

activity MediaCityUK will see once Phase One

is fully delivered and the market has improved

somewhat, its success will ultimately

determine the progress of any furtherexpansion. The development will clearly entice

a wide range of occupiers and, upon the

BBCs arrival, will have a real impact on the

local community and regional economy.

MediaCityUK should not be viewed in

isolation but as part of an outstanding piece

of regeneration. When pictured alongside the

award-winning Lowry Hotel, the Imperial War

Museum and the extensive residential

development, MediaCityUK is the catalyst for

this part of Manchester to become a success.

Adam Jackson, Office Agency

Tel: +44 (0)161 242 7065

Email: [email protected]

MediaCityUK:is it sustainable in todays

economic climate?


5/16


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Take-up will reach approximately

700,000 sq ft in 2009, down 30 percent

on the five-year average.

Public sector-related organisations have

underpinned activity with NHS North

West taking 51,971 sq ft, representing

the largest City Centre office letting in

the year to date. This will be

overshadowed by Manchester City

Council taking 140,000 sq ft, which is

due to complete imminently.

The unprecedented level of

development in recent years has

resulted in approximately three years

supply being readily available.

However, new development activity is

severely restrained with no grade Aoffice buildings under construction

due to complete from 2010 onwards.

Rents for high-quality refurbished

buildings have fallen from the peak of

28.00 per sq ft as landlords competed

to attract occupiers, with an average

decline of approximately 20 percent.

For more information, please contact:

Mark Bamber, Associate Director

Tel: +44 (0)161 242 7077


Manchester City Centre

Lambert Smith Hampton Research | 6

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Executive summary

Demand

Supply

Activity to Q3 2009 is approximately

460,000 sq ft. Total annual take-up is

expected to reach 700,000 sq ft, down

almost 30 percent on the five-year average

of 990,000 sq ft, and nearly 25 percent on

the 10-year average of 920,000 sq ft.

Occupier demand has been dominated by

the public sector with NHS North West taking

51,971 sq ft at 3 Piccadilly Place, representing

the largest letting in the City Centre in the

year to date. Other notable public sector-

related lettings include 24,665 sq ft to the

National Institute of Clinical Excellence and

22,457 sq ft to The College of Law. This

will be boosted further by the City Councils

140,000 sq ft letting at First Street.

Grade A take-up has accounted for

approximately 33 percent of total lettings

in the year to date, roughly in line with

previous years, although the deal to

Manchester City Council will see this

figure rise to almost 50 percent.

Take-up of good-quality, refurbished space

(grade B+) has doubled from the five-year

average of 15 percent to 30 percent, at the

expense of poorer quality second-hand

space. This is as a consequence of a fall in

headline rents and an increase in incentives,

resulting in better quality space becoming

more affordable.

2008 saw a record 900,000 sq ft of grade

A accommodation released to the market.

Although this has fallen back in 2009,

a further 700,000 sq ft will have been

completed by the end of the year. This

includes: First Street (180,000 sq ft);

Peninsular (148,000 sq ft); 1 New York

Street (110,000 sq ft) and Vantage Point

(53,000 sq ft).

With the unprecedented level of development

within the City Centre over the past two

years, there is approximately 950,000 sq ft

of grade A accommodation available in the

market which, based upon historic take-uplevels, represents approximately three years

supply.

A significant amount of space has been

released back into the market due to

corporate relocations and downsizing. This

includes 45,000 sq ft by Halliwells, 30,000

sq ft by Cobbetts, 32,000 sq ft by Gardiner

Media Group and 24,000 sq ft by HBOS.

Manchester City Centre office markettake-up

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New development activity is severely

restrained and, with West Properties

62,000 sq ft Origin and Property Alliances

73,000 sq ft Axis schemes both on hold,

there are currently no grade A office

buildings under construction due tocomplete from 2010 onwards.

A number of schemes are in the pipeline,

including: Eider House, Piccadilly Basin

(87,500 sq ft); The Landmark, Oxford Road

(175,000 sq ft) and Elizabeth House, St

Peters Square (400,000 sq ft). With a

significant pre-let or upturn in the market,

construction could commence at a rapid

pace, quickly resulting in an influx of grade

A accommodation and satisfying any

currently unidentified demand.

A number of significant sites in the City

Centre are available for future development,

including Greengate Embankment, Victoria

Station, Granada, BBCs Oxford Road

campus and the former Boddingtons

Brewery, which should prevent a shortageof available grade A space in the long-term.

Manchester City Centre

www.lsh.co.uk

New development

Market rental values and yields

Forecast

Grade A headline rents have remained

relatively stable over the past 12 months

despite a weakened occupational demand.

Rents for high-quality refurbished buildings

have fallen from the peak of 28.00 per sq

ft, with an average decline of approximately

20 percent.

Incentive packages have increased over the

past year as landlords competed to attractoccupiers. However, convincing occupiers to

relocate still remains the biggest challenge

as they generally wish to retain flexibility

and are unwilling to outlay the large

associated costs.

The investment market experienced the

most significant increase in activity since the

end of 2007, rising by 44 percent to 5.8

billion for the third quarter 2009. Yields on

UK offices, excluding central London, fell by

68 basis points to 7.38 percent. This figure

was reinforced by the recent sale of No 1

Balloon Street to a private family trust for

21 million, reflecting a net initial yield of

6.5 percent.

With a lack of grade A stock being

developed, the level of supply will fall over

the next 12-24 months and net effective

rents will rise as incentives harden.

However, some buildings will continue to

struggle in attracting occupiers and we

anticipate these landlords will increase

incentive packages and reduce quoting

rentals, resulting in a two-tier market.

Pressure will remain on refurbished

accommodation as more buildings are

released to the market when occupiers

move to new accommodation.

The prime office areas will continue to

expand as Piccadilly and Spinningfields

will be joined by other traditionally fringe

locations such as Victoria Station.

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Manchester City Centre office marketnet initial yields

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per sq ft


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Occupational demand has significantly

decreased in 2009 with total take-up

likely to reach a 12-year low, in the

region of 400,000 sq ft. This is

approximately 35 percent down on

2008 owing to a shortage of largeleasehold transactions in excess of

20,000 sq ft.

Up until Q3 2009 there were 115

transactions in comparison with 131

for the corresponding period in 2008.

The average transaction size has

significantly reduced from 4,000 sq ft

in 2008 to 2,500 sq ft in 2009.

Freehold activity is relatively low in

comparison with recent years but still

accounted for 20 percent of the total

take-up in comparison with 12 percent

in 2008. This is mainly due to the

overall fall in take-up.

The oversupply of business park office

stock, built in the early part of the

decade, has still not been adequately

absorbed. There is no significant

speculative office development

imminent within the region.

Grade A rents have reduced in most

of the business parks but have

remained stable for the more affluent

town centre locations. The letting of

Lakeside 5,000 to Nike at 18.50 sq ft

signified the highest rent within the

region. In view of the oversupply,

market rents have decreased by as

much as 25 percent for some buildings.

As with other regions the investment

market has suffered from low levels

of activity. The notable transaction for

2009 has been the sale of Lakeside

5,000 at Cheadle Royal which achieved

a yield of 7.5 percent.


David Thwaites, Associate Director

Tel: +44 (0)161 242 8008


South Manchester


Executive summary

Demand

Supply

Take-up in 2009 has been adversely affected

by the shortage of large transactions, with

only four deals taking place above 10,000

sq ft. The 37,456 sq ft letting to Nike of

Lakeside 5,000 at Cheadle Royal has been

by far the largest transaction of the year.

With several lettings imminent at ICO1,

Didsbury Point, take-up is likely to approach

400,000 sq ft by the year end. This is

significantly lower than the five and 10-year

averages of 640,000 sq ft and 634,000 sq ft

respectively.

Demand remains strongest in the sub 5,000

sq ft sector which accounts for over 85

percent of all transactions. Landlords are

becoming increasingly pragmatic in

sub-dividing accommodation to meet this

demand and offering flexible terms.

There are a number of large requirements

currently in the market from the likes of

John Lewis, Edmundson Electrical and Nike

Golf. Should a sizeable proportion of these

transactions be satisfied take-up for 2010

should increase from the 2009 level.

The majority of activity has been centredaround the regions business parks, which

has accounted for four of the largest

leasehold transactions, with Cheadle Royal

Business Park featuring prominently.

Approximately one-quarter (22.5 percent)

of all available office stock within the region

is grade A space, the majority of which is

situated within a business park environment.

Total availability at Q3 2009 stood at

approximately 1.8 million sq ft, which is

slightly less than the 1.85 million sq ft for

the corresponding period in 2008.

The lack of large-scale grade A development

in the past 18 months has led to a reduction

in the grade A supply from 30.36 percent in

2008 to 22.5 percent in 2009.

Poor take-up in 2009, coupled with an

increasing number of occupiers downsizing

operations, has led to an increase in the

availability of refurbished stock from 1.2

million sq ft in 2008 to 1.4 million sq ft

in 2009.

The total office availability represents

approximately 4.5 years supply based

on the take-up forecast for 2009. This is

reduced to 2.8 years when compared with

the five-year average take-up figure.

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South Manchester office markettake-up

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South Manchester

www.lsh.co.uk

New development

Market rental values and yields

Forecast

Significant development activity, which has

been completed in 2009 has been limited

to No 1 Kings Close, Wilmslow (10,000 sq ft)

and BAMs St Peters Square development in

Stockport (52,000 sq ft).

In view of the continued oversupply within

the region and lack of significant corporate

activity, there is no speculative development

imminent in 2010 and beyond. Most of the

recent new supply coming to the market

has resulted from refurbishments rather

than new build schemes.

The 180,000 sq ft Micromass requirement,

which is due to be satisfied before 2012, is

the regions largest corporate requirement

that can only be accommodated by new

build development. A decision on the

preferred location is likely to be made

by Q1 2010.

Prime headline rents have remained in the

region of 18.50 per sq ft for a number of

years due to the slow absorption rate of the

regions business park offices. Higher rents

have been achieved in affluent towns such

as Wilmslow and Altrincham; however,

these are invariably small transactions on

flexible lease terms.

The letting to Nike achieved the prime

headline rent of 18.50 per sq ft; however,

a number of buildings that have stood

empty for some time have significantly

reduced quoting rents in order to

achieve lettings.

Tenant incentive packages have increased

over the past nine months as landlords have

been increasingly keen to avoid the running

costs involved with vacant buildings, in

particular empty property rates. This has

had the effect of significantly reducing

net effective rents.

There has been a limited amount of

investment activity throughout the region.

The recent sale of Lakeside 5,000 achieved

a yield of 7.5 percent and generated much

interest. There are encouraging signs that

investors are returning to the market, which

may signal a yield shift in 2010.

The downward pressure on prime headline

rents is expected to continue for the majority

of 2010. However, with an improving

economy and reduction in supply we

should see signs of rental growth in 2011.

With the letting of Lakeside 5,000 and the

likely absorption of a number of other

office buildings in the next few months,

net effective rents for business park stock

should begin to increase by the end of 2010.

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South Manchester office marketnet initial yields

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South Manchester office marketprime rental values forecast

per sq ft


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Take-up to the end of Q3 2009

amounted to just 21,616 sq ft. It is

anticipated that the total for the year

will be the lowest recorded for 10

years. The average transaction size

equated to just over 2,000 sq ft withno freehold activity.

The Salford Quays market remains

oversupplied, with accommodation

available for immediate occupation

standing at 431,743 sq ft, representing

just under three years supply based on

the five-year average take-up figure.

As economic conditions improve

and occupier demand returns, it is

anticipated that the oversupply will

be reduced over a relatively short

period of time as no significant

speculative development is planned.

The development of Peels MediaCityUK

continues with Phase One equating

to 36 acres out of a possible 200 acres.

However, the ultimate success of

MediaCityUK will take a number

of years to be achieved.


Adam Jackson, Senior Surveyor

Tel: +44 (0)161 242 7065


Salford Quays


Executive summary

Demand

Supply

Take-up to Q3 2009 amounted to 21,616

sq ft, which was completed in nine separate

transactions. With the deal to Balfour

Beatty imminent, take-up is likely to reach

39,000 sq ft by the year end, well below

the five and 10-year averages of 160,327

sq ft and 143,661 sq ft respectively.

All of the transactions were sub 6,000 sq ft,

with the average deal equating to 2,065 sq ft.

Of these deals, 70 percent occurred in the

grade B+ sector reflecting the dominant

supply of this grade of space in the Quays.

A further 17,115 sq ft is under offer at

The Lighthouse, where Balfour Beatty is

in negotiations to take the whole of the

second floor on a new lease from Standard

Life. A further 13,000 sq ft is under offer

at the Soap Works; the former Colgate

Palmolive site being developed by Abstract

NIKAL and Carlyle. If these deals complete

in the final quarter of 2009, take-up could

near the level seen in 1999 of just over

58,000 sq ft.

It should be noted that over 100,000 sq ft

has been transacted at Peels MediaCityUK

by way of an agreement to lease by

University of Salford. The University will

take occupation of the accommodation in

the autumn of 2011 and the space will be

used predominantly for educational

purposes with an element of office use.

Significant oversupply exists within the

market with the Q3 f igure equating to

431,743 sq ft or just under three years

supply based on the five-year average take-

up figure. At 72,557 sq ft, BAMs Metro

development makes up 16 percent of this

total supply. This property remains empty

in its entirety despite completing in 2007.

Orbit Developments Broadway Quays

provides 21,411 sq ft of grade A office

accommodation. A further 39,641 sq ft

can be delivered with relative ease as the

substructure of Curzon House has been

completed.

A further 35,457 sq ft has been developed

at Digital Park in seven two-storey self-

contained buildings. Originally developed

by Peel and completed in December 2008,

the units have failed to secure occupiers on

either a leasehold or freehold basis due to

weak occupier demand.

The construction of Peels MediaCityUK

continues with the development of 36 acres

forming Phase One of the scheme which

will deliver 700,000 sq ft of office

accommodation across five buildings. In

2006 300,000 sq ft was pre-let to the BBC

and Building C, the first of three buildingsto be developed for the BBC, was handed

over in October 2009. Buildings A and B

will be handed over in early 2010.

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Grade A Grade B+ Grade B/C

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No. 1 Kings Close, Wilmslow


13/16

Greater Manchester Office Market/ Issue One / Public display of affection


Public display of affection3 Piccadilly Place, Manchester

The public sector, once disparaged by many in the commercial property

industry, is driving activity through the very heart of the UKs economy,

creating valuable jobs and generating long-term stability.

Despite being renowned as the largest business

and financial services centre outside of

London, Greater Manchester has witnessed an

increasing diversification of its occupier profile.

A wide range of public sector occupiers have

helped maintain momentum during 2009 by

accounting for a significant proportion of the

total office take-up across Greater Manchester.

The most notable transactions being the pre-

sale of 240,000 sq ft at Central Park to the

Greater Manchester Police Force, Manchester

City Councils short-term letting of 140,000

sq ft at First Street and NHS North Wests

acquisition of 52,000 sq ft at Piccadilly Place.

Add to this reports that the Equality and Human

Rights Commission is expected to acquire

40,000 sq ft at Piccadilly Place, together

with a live requirement for 20,000 sq ft fromthe Learning Skills Council, and it is clear that

the public sector has become a vital force in

the market.

With its profusion of high-quality office

accommodation and excellent rail links to

London, Piccadilly is fast emerging as the

public sectors location of choice, housing

major organisations such as GMPTE, HM

Revenue and Customs, Government Office

for the North West, Highways Agency and,

more recently, NHS North West.

Plans to create a Whitehall of the North on

the site of the nearby Mayfield Street Station

could deliver a further 5,000 public sector

jobs. With many recent deals incorporating

five-year break options, occupiers will be able

to relocate to the new complex when it is

completed in 2015. Therefore the site has the

potential to become the biggest super-campus

of civil servants in the UK.

While this is an enormous opportunity for

Greater Manchester, the notion of a singlehub for all government-led relocations

inextricably affects the rest of the market.

Certain developers have questioned its

wisdom, as they will now have to assume that

no other space will be let or sold to the public

sector. This may limit future development

across the city.

One saving grace is that not all public sector

bodies need or even want to site themselves

in a central hub. Meanwhile, certain occupiers,

who wish to be associated with government,

will undoubtedly opt for premises within close

proximity of the new facilities.

While 2009 has brought about an acceleration

of government-led relocations, developers

must remain vigilant against reliance on the

public sector given that public finances have

been severely strained by the need to support

the ailing financial sector. Added to which, the

widely anticipated cuts in public expenditure

following the general election in 2010 may

result in a reduction in future demand.

Mark Bamber, Office Agency

Tel: +44 (0)161 242 7077



14/1614 / Lambert Smith Hampton

Greater Manchester Office Market/ Issue One / The emergence of a new business district

Reports of the emergence of a

new business district may be

fanciful but, if north Manchesters

recent surge in high-quality

development is anything to go

by, perhaps the notion isnt so

remote after all.

Greater Manchesters office market has

traditionally been dominated by three distinct

regions; Manchester City Centre, South

Manchester and Salford Quays. However,

development activity has become much more

dispersed in recent years, giving rise to

reinvigorated suburban office markets and

heralding a new outlook for the northern

crescent towns of Bolton, Bury, Oldham

and Rochdale.

Major developments such as Kings Point in

Oldham, Middlebrook Business Park and 120

Bark Street in Bolton have been completed,

while others such as Central Park in east

Manchester are still underway. The

fundamental result is a much-needed injection

of grade A office space, which has helped

the region to land several large corporate

requirements from the likes of Fujitsu, EON,

AXA and, more recently, Greater Manchester

Police Force.

Ask:Goodmans 1.4 million sq ft Central Park

has been an early success, having played host

to the UKs largest office transaction of 2009.

Recognising the benefits of the scheme with

its high-quality specification and superb

The emergence of anew business district


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Greater Manchester Office Market/ Issue One / The emergence of a new business district


transport links, including its own Metrolink

station, Greater Manchester Police Force is

scheduled to relocate more than 1,000 staff

from its existing offices at Chester House, Old

Trafford, to the 240,000 sq ft building when it

completes in 2011.

Then there is Middlebrook, one of the largest

integrated and sustainable mixed-use

developments in the country. The decision by

the developer, Orbit, to speculatively build

a further 50,000 sq ft office building at its

Parklands scheme clearly demonstrates

confidence in a product that is all too rare

in the current economic climate.

Another important stimulus is the investment

in the regions transport infrastructure. With

the completion of the M60 orbital motorway

in 2000 and the planned extension of the

Metrolink to Oldham and Rochdale in early

Greater Manchester Police Force HQ, Central Park

2011, Greater Manchesters northernmost

towns will become more accessible than

ever before.

North Manchester may not be able to

compete on reputation alone. However,with its promise of flexible, value for money

accommodation and improving transport

connections, it has the ability to appeal to

a number of footloose businesses as well as

those establishing operations in the region.

As occupational costs continue to form an

important driver of activity, it will be

interesting to see how the area performs

over the coming months in comparison to

its more established sister locations.

Mark Bamber, Office Agency

Tel: +44 (0)161 242 7077


Anotherimportant

stimulus is theinvestment in theregions transportinfrastructure.


16/16

Head of Office

Peter Skelton


City Centre

Mark Bamber


South Manchester

David Thwaites


Salford Quays

Adam Jackson


Greater Manchester Office Agency contacts

www.lsh.co.uk

Details of other Lambert Smith Hampton research material can be viewed on our website at http://www.lsh.co.uk

Due to space constraints within the report, it has not been possible to include both imperial and metric measurements.

Lambert Smith Hampton December 2009. Regulated by RICS

This document is for general informative purposes only. The information in it is believed to be correct, but no express or implied representation or warrantyis made by Lambert Smith Hampton as to its accuracy or completeness, and the opinions in it constitute our judgement as of this date but are subject tochange. Reliance should not be placed upon the information, forecasts and opinions set out herein for the purpose of any particular transaction, and noresponsibility or liability, whether in negligence or otherwise, is accepted by Lambert Smith Hampton or by any of its directors, officers, employees, agentsor representatives for any direct, indirect or consequential loss or damage which may result from any such reliance or other use thereof.

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